Canada’s main stock index moved lower on Wednesday as investors assessed a major announcement from the International Energy Agency to release 400 million barrels of oil reserves. Markets are weighing how such a move might help cushion any potential supply disruptions, while also digesting fresh US inflation data. Despite recent volatility in oil prices, Canadian energy stocks have been the strongest performers so far this year, whereas the information technology sector continues to lag. Oil prices went back on the upswing after the US Secretary of Energy claimed the US Navy had escorted an oil tanker through the Straight of Hormuz, which never happened and oil prices dropped. Now cargo ships in the straight have been hit by projectiles.
The US consumer price index rose 2.4 per cent in February compared with a year earlier, matching economists’ expectations in a Dow Jones survey. The inflation report follows several months of indicators pointing to a softening labour market.
| TSX | 33,119.83 | -150.82 |  |
| TSXV | 1,076.16 | -13.38 | |
| CSE | 183.38 | -3.02 | |
| DJIA | 47,417.27 | -289.24 | |
| NASDAQ | 22,697.10 | +19.03 |  |
| S&P 500 | 6,775.80 | -5.68 | |
The Canadian dollar traded for 73.59 cents US compared to 73.60 cents US on Tuesday.
US crude futures traded US$4.70 higher at US$88.15 a barrel, and the Brent contract rose US$4.85 to US$92.65 a barrel.
The price of gold was down US$56.84 to US$5,176.39.
In world markets, the Nikkei was up 776.98 points to ¥55,025.37, the Hang Seng was down 61.14 points to HK$25,898.76, the FTSE was down 58.47 points to ₤10,353.77, and the DAX was down 328.60 points to €23,640.03.
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